Since writing this article on the 9th of November, you will see that ripple (XRP) shot up from around 0.20 to almost 0.80 before pulling back and settling at around 0.65!
Ripple’s 3rd Annual Report: Ready To Explode?
One of my favourite coins which I feel has great potential is Ripple (XRP) and I tend to top up with more every month, or when price pullsback, more so than some of the other coins.
I know from my own experience as an online business that current options, such as Stripe for credit cards and especially Paypal, are expensive when clients pay me.
Credit cards cost around 3% and Paypal charges more (up to 6% from Australia and other areas). They then rip me off when they convert to my home currency of $USD.
On top of that I have to wait 3 or 4 days to receive the net payment and Paypal, can and do suspend your account without warning, for no apparent reason and refuse to release the money.
It has happened to me on a number of occasions for no reason. Their support staff apologise and blame “an algorithm” and then I have to send in supporting documents about each transaction. This is despite the fact that I have been a client of those for over 15 years and never had a complaint nor chargeback against me.
Ripple on the other hand costs me cents to receive $1000’s and is in my wallet within seconds. So I believe it has a huge potential to grow and fairly quickly.
Visa, is currently valued at $420 billion whilst XRP’s current market cap is only $10.9 billion as of today’s date. So you can see my reasoning.
Ripple today released their 3rd annual report which reveals that blockchain adoption is key to a successful growth strategy for financial institutions. Ripple revealed that the companies surveyed range in size in terms of revenue from $500,000 to more than $10 billion.
In the past 12 months, early blockchain adopters reported nearly twice as much business growth over other respondents.
In terms of major takeaways, the Blockchain in Payments 2020 report proves three critical things:
- Blockchain payment solutions are scaling
- Digital assets are increasingly being considered for facilitating payments, especially when paired with blockchain technology
- Industry innovators are realizing significant growth, even amid COVID-19
Ripple’s 3rd Annual Report: Ready To Explode?
XRP and its role in the growing blockchain adoption
Another key point revealed by the Ripple report is the diversification in use cases by companies using blockchain technology. 98% of participants using a blockchain have deployed technology for supply chain management (62%), commerce, and finance (51%).
So it’s not surprising that 99% of participants said their company could use a digital asset such as XRP to process payments or as a medium of exchange. In contrast to the 2018 results, this figure has grown by 94%.
Among the strengths that participants said blockchain technology has, the speed to make cross-border transactions received 40% of the responses.
In this aspect, the digital asset XRP and its instantaneous transfers with Ripple’s On-Demand Liquidity solution offer the most important benefit for respondent companies. Along with cost (32%) and reliability (27%), as shown below.
Signs are positive across the globe when it comes to blockchain payment solutions. Over one-third of the report’s respondents currently use blockchain technologies for sending or receiving payments for customers. Segmented by business type, the leading sector is digital banks, followed closely by retail banks, and money transmitter or payment providers.
Many of these institutions adopted blockchain technology to increase speed of payments, achieve high levels of reliability, improve data transparency and realize long-term operational cost savings. Blockchain solutions continue to scale as businesses introduce new services to existing customer segments or expand existing services into new regions.
Case in point: cross-border payments. As blockchain payments solutions continue to solve for many of the pain points related to cross-border payments, adoption has steadily grown. In fact, real-time settlement for cross-border payments is seen as a business necessity for many, as well as in demand by consumers and businesses.
You can download your free copy of this report and discover why adopters view blockchain as the fuel to business growth and how global policymakers are shining a new light on digital asset technology. The report reveals key findings and offers new industry insight about the state of global payments today.
